Are you building a business in the greater Bensalem area? Our community is rich with…
Few businesses can get by, let alone grow, without some form of outside funding or loans. If your business is in Bensalem and you plan on expanding, or you’re looking to relocate or add a location here, the Bensalem Economic Development Corporation (BEDC) can help.
The BEDC is made up of business and community leaders volunteering their time and skills to create and encourage strategic economic development opportunities in Bensalem. We know how businesses work and how their needs must be met.
What Can We Do For You?
We can help you navigate available local, county, and state funding sources, given your business, goals, and industry. This can include grants, loans, and other financial instruments. Since we’re part of the community, we know what funding sources are available and how you can leverage them to your advantage. We can:
- Make introductions to local banks and other funders
- Help you apply for small business loans
- Inform you about Small Business Administration resources
- Help you fill out forms
- Help you create and organize the documentation (like a business plan) that lenders will want to see
When it comes to obtaining loans and funding, we run businesses, too, so we’ve been there and done that.
What Government Loans and Funding Might be Available?
Some state-based opportunities include:
- The Redevelopment Authority of the County of Bucks: This agency, created by the County of Bucks, assists private entities with redevelopment and economic development. They are a quasi-public agency that applies for state, federal, and local grants, low-interest financing, and tax credits. The Redevelopment Authority can be an integral partner in helping your business revitalize former industrial and commercial sites.
- Pennsylvania Industrial Development Authority (PIDA): PIDA provides low-interest lines of credit and loans to businesses that create and retain full-time jobs and develop industrial parks and multi-tenant facilities. Many types of industries are eligible, including manufacturing, retail, industrial, service, agricultural, hospitality, research and development, defense conversion, child care, recycling, construction, and computer-related service enterprises.
- Job Creation Tax Credit (JCTC): The JCTC provides a tax credit to approved businesses agreeing to create or retain new jobs in Pennsylvania. The amount is $1,000 per job. They must create at least 25 new positions or new jobs equaling at least 20% of its current workforce within three years.
The federal Small Business Administration (SBA) also has different programs that may be a good fit for your business:
- The 7(a) Loan Program is the SBA’s primary business loan program. It provides loan guarantees to lenders that allow them to provide financial help to small businesses with special requirements. Eligibility issues include how the business earns income, its credit history, and where it operates.
- The 504 Loan Program involves long-term, fixed-rate financing for major fixed assets that promote business growth and job creation. The loan can be used for the construction or purchase of existing buildings or land, new facilities, and long-term machinery and equipment.
- The microloan program can provide loans of up to $50,000 to help small businesses. They can be used to rebuild, re-open, repair, enhance, or improve your small business.
There are many potential options. BEDC is here to help you take advantage of the loans and programs that best fit your company and its needs.
The Bensalem Economic Development Corporation is Here to Help Your Business
If you want to grow your business, Bensalem may be the right place for the employees and customers you’re looking for. Call the BEDC at (484) 354-0287 or email us at firstname.lastname@example.org to learn more.